The PancakeSwap altcoin community has overwhelmingly approved a proposal to reduce the maximum supply of the decentralized exchange's native token CAKE from 750 million to 450 million. The proposal received approximately 98% of the votes in favor.
Multi-chain decentralized exchange project PancakeSwap published a voting proposal last Thursday to reduce CAKE's maximum token supply. The voting period has ended and the final results revealed a 97.88% majority in favor of reducing the maximum supply.
Updated maximum token supply figures for CAKE are expected to be officially reflected on major price tracking platforms such as CoinGecko and CoinMarketCap by January 4.
Following the conclusion of the voting, CAKE is trading at $3.71 at the time of writing, down 4% in the last 24 hours.
PancakeSwap stated that the reason for the change in supply of its altcoin is to move towards its goal of achieving a “very strong CAKE” and to signal that the token is moving away from a highly inflationary model.
“After achieving consistent deflation in recent months, this latest strategic move to reduce the total supply of the CAKE token to a maximum limit of 450 million CAKEs is in line with PancakeSwap's vision of a robust, deflationary model,” the PancakeSwap team said.
*This is not investment advice.
